All Forum Posts by: Tom Yung

@Monty Alston Welcome to BP.

your construction background & contact will definitely help your RE business in the long run. I'm investor in GA myself.

@Shevaughn Rawlins

In texas,

1) you can collect rent from the tenant during the redemption.

2) you can make structural repairs to the property, NOT COSMETIC to the repair & maintenance of the property.

3) all the cost relate to the maintenance can be charged back to the owner when redeem.

4) redemption period- 6 months for non owner occupied & non farm land, otherwise 2 years.

5) owner status starts at the suite day, not tax sale day.

6) TX is redeemable deed state, not lien.

@Chris Winterhalter

Hope appraisal goes to your favor, congrats.

@Jessica G

Congrats, It's great now is husband & wife team.

It will make thing work out easier.

Great accomplishment in four months.

@Jordan T.

I strongly recommend it. Not only you can earn commission while in sales, you are setting up leads for the future investments( not necessary RE related).

I took my salesman license in late 80"s(25 years ago). My first commission check was $3600, I was so excited because it was my first showing on a sat morning @ 9 AM, my first customers, the first house I showed & the first day after I received my license. I ran into an small car accident.

took my broker license two years after that(min time requirement). I met so much contact with my job that paves a lot of leads for my own RE investment.

Then I went to study my CCIM courses after I got my broker license.

This was all in Canada then. The knowledge that I gained even helped my way to get into US investment opportunities.

@Chi Cheung

It is not necessarily to set up one LLC for each unit. But then again if all your units are million Dollar properties. I will definitely use separate LLC for each.

If your properties are all $30K each. I do not see why you can't put 4 or 5 in one LLC. It all depends on you own comfort level.

Also do not put too many properties in one LLC, your accountant will thank you at the year end.

@Michael Eastland

It doesn't matter where your properties are. make sure you learn how to manage your property manager. Treat it like a business.

Real estate Investment is a business, nothing really passion about it. Unless you have NNN properties. Then it may be passion for 10 to 20 years depending on the lease. After that you have to start over again to find a new tenant.

IMO, distance is the last thing you have to worry; provided you have a strong ground team & you managed them well.

@Carol C.

If you cannot sell the property at a loss or at least recover something.

There is another option that you can try.

DO NOT pay the tax, let the county put it on tax deed auction next year. If by any chance, somebody bids higher than the tax amount owned to the city & county. You are entitle to the overage( ie. any amount over the tax & interest charges.)

eg. tax (2014) = $1000.00

county & city interest charges = $200.00

So the starting bid for the auction will be $1,200.00

If somebody bid $2000.00, you are entitle to the overage of $800.00.

Let's say if somebody just bids the min($1,200.00). that means you got nothing.

Wait one year, let the new owner foreclose on you. You can then approach the new owner & negotiate a quit claim deed for him for $1,000.00.

This may save the new owner some money on clear title.

It is one exit strategy that you can consider when you absolutely can not find a way to sell it.

@Carol Chui Sell & cut your lost like all others had suggested you.

It is very difficult for out of state owner to handle this type of properties.

The quality of the renters are probably poor for that area.

Even if you get a tenant , the ongoing expenses are going to drain you.Each time when you evict a tenant , there are costs & the property may be trashed.

To invest in US, after you put in an offer for a property. You usually have a 10 days period to do you due diligence. During that period, you can hire home inspectors, contractors to give you a quote of the conditions of the property. If the condition is not up to your expectation. You can get out from the deal.

Rick Baggentoss, Dawn Anastasi & Jon Holdnen are all very experienced RE investors; especially Rick is local to Atlanta. Listen to them, DO NOT SINK ANY MORE MONEY INTO THIS. you will end up with more anger & frustration.

@Shaun Anderson Being a non US citizen, you are not allow to work IN US.

Even collecting rent, repair or maintain your own property.

You can however, hire & manage your property manager to manage your properties.

So do not get caught with doing work yourself, you may get into trouble with the US custom & Immigration.